Page 14: of Maritime Reporter Magazine (March 1974)
Universal Gas & Oil
To Sell LPG Carrier
For $32.5 Million
Universal Gas and Oil Company
Inc. has announced that it has reached an agreement to sell its shipbuilding contract for a liquefied petroleum gas carrier to a major in- ternational shipping company. The agreement, subject to finalization of certain details and approval of
French Government authorities, in- volves the 52,500-cubic-meter LPG carrier Dovertown.
This vessel, one of three the com- pany has under construction at
Construction Navales et Industriel- les de la Mediterranee, La Seyne,
France, is scheduled for delivery next month.
As a result of this transaction,
Universal Gas and Oil expects to recognize cash receipts of approxi- mately $16 million, of which ap- proximately $10 million will repre- sent profit. UGO anticipates utiliz- ing the proceeds from this sale to pursue other projects currently un- der consideration.
Universal Gas has two other ves- sels under construction which are 35,000-cubic-meter liquefied natural gas carriers, and are currently un- dergoing modifications at the ship- yard in order to qualify for regis- tration under the U.S. flag. Both of these vessels are scheduled for de- livery by the end of 1974.
The company also announced that in order to augment its execu- tive management and to place UGO in a position to pursue the various opportunities which are presented to it, Messrs. Haim Rafaeli, Jacob
Sutton, and Gideon Ben-Aaron have been elected to the UGO board of directors and were also elected members of the executive commit- tee, with Mr. Rafaeli being appoint- ed chairman of the executive com- mittee. These three, all of whom are key executives in the Maritime
Fruit Carriers complex of compa- nies, are experienced in both gen- eral and vessel financing, and their experience and expertise should prove valuable to UGO. Maritime
Fruit Carriers presently owns ap- proximately 76 percent of Univer- sal Gas and Oil.
Universal Gas and Oil will en- gage primarily in the transporta- tion of liquefied gases. In addition, the cqmpany owns various oil, gas and hard mineral exploration rights.
A.C. Hoyle Company
Appoints Donald Sailo
Donald W. Sailo
Charles F. Veselik, president of
A.C. Hoyle Company, Iron Moun- tain, Mich., has announced the ap- pointment of Donald W. Sailo as vice president-chief engineer of de- sign and products.
Mr. Sailo has had many years of experience in the marine equipment design field.
The A.C. Hoyle Company mar- kets a complete line of marine deck equipment, mooring winches, cap- stans, cranes, fairleads, and other marine auxiliaries.
Mr. Sailo will headquarter in the home offices located at 103 East "A" Street, Iron Mountain, Mich. 49801.
Acquires Kodiak Firm
Northwest Instrument purchased and now operates North Pacific
Electronics, Inc. of Kodiak, Alaska.
Jack Rottler, N.W.I, president, re- ported "the Kodiak facility will greatly improve Northwest Instru- ment's ability to service marine electronic equipment sold by our
Kodiak, Seattle and Portland offices."
Roger Schenk of Kodiak will continue as manager of North Pa- cific Electronics. The shop is locat- ed on Shelikof Street, adjacent to the Kodiak boat harbor. m
Farboil Company is a unit of
A Division of Beatrice Foods Co. ^^^mmmmm^^^^^^^^^SS^BBSS^^^^^SSSaii^KKtKm We don't just supply paint.
With almost half a century in the marine coatings business, Farboil knows that it takes more than high performance, long-life coating systems to meet the shipowner's needs. It takes great service, as well. That means trained professional personnel to match the availability of our coating systems serving over 150 ports throughout the world. • Farboil's world-wide service assures ship owners that the correct coating systems are applied to give optimum performance. We know you have to keep those ships operating.
Farboil Company, Marine Coating Systems, 8200 Fischer Road, Baltimore, Md. 21222. (301) 477-8200.
N.Y. Sales Office: 90 West Street, New York, N.Y. 10006. (212) 964-5464.
Work with the people who service ships. Farboil 18 Maritime Reporter/Engineering News